How to decide who should remain as your competitor and who might be a good option to consider as an acquiring solution?
How to choose PSP if you are a PSP
What to do if you are a payment service provider yourself and you looking for an acquiring solution. What to do if you already have a list of merchants willing to cooperate but the screening process is too tough and the integration takes too long? Maybe you have already applied to be accepted by the acquirer but they take too long and you are worried that the merchants you made an agreement with will not wait. Well, a solution might be to connect with another PSP that will serve as an intermediary between you and their acquiring solution.
How do you choose a payment service provider if you are a payment service provider yourself anyway? How to decide who should remain as your competitor and who might be a good option to consider as an acquiring solution?
We prepared a list of factors to consider when drifting among the sea of PSP offers.
Long story short, you need the just-right combination of several parameters including security, integration, rates, and flexibility. Let’s explore them one by one.
Security is a comprehensive factor including the security of your transactions and the stability of your acquiring solution. Security of the transactions can be achieved by fraud-preventing measures and chargeback management. These are the features that are very costly to implement on your own and not all PSPs offer them. So, choose the ones that offer. While nothing is stable in the everchanging finance industry you need to make sure that the PSP you are connecting with is partnered with more than one acquiring solution, so no matter what happens you always have a payment processing channel ready for you.
Another important parameter is the rates. Since you have to resell the solution to your merchants the rates should be competitive. The rates need to be flexible take into account your needs and create the best match for you and your PSP.
Finally, integration is another point to consider. Do you want to connect on a server 2 server basis or are you going to just resell your merchants to the PSP? While the two options have their benefits and disadvantages, it is for you to decide. In case you choose the former option and if you need to hire separate IT personnel just to support your integration process it is a waste of resources. It is better to choose a payment service provider with a clear integration scheme and standard API.
Here at BILLMONT, we provide easy-to-integrate solutions with dedicated support prior during, and after the integration. We have invested a lot in chargeback prevention and fraud monitoring machine learning systems so you don’t have to worry about it. Our rates are competitive and make our solutions easy to resell.
Please feel free to contact us for more.